Wednesday, April 21, 2010

The wave count has not changed since yesterday's update. A detailed view can be seen in the above 1 minute chart. It appears that zigzag wave (b) of [a] or [w] of B, or zigzag wave [b] of B is underway. The best alternate is ending diagonal wave [v] of A underway. The unfolding pattern is not clear, but corrective waves should continue.

A downward double zigzag may have completed a correction since the peak today. It is possible this wave is only the 'a' wave of a more complex correction. One final zigzag lower to complete a triple zigzag is also a possibility.

The wave count has not changed since yesterday's update. A detailed view can be seen in the above 1 minute chart. It appears that zigzag wave (b) of [a] or [w] of B, or zigzag wave [b] of B is underway. The best alternate is ending diagonal wave [v] of A underway. The unfolding pattern is not clear, but corrective waves should continue.

A downward double zigzag may have completed a correction since the peak today. It is possible this wave is only the 'a' wave of a more complex correction. One final zigzag lower to complete a triple zigzag is also a possibility.

My trading philosophy is 95% based on my own Elliott Wave analysis of the S&P 500. I try to keep my analysis and trading as simple as possible and do not use trend lines, channels, or definite retracement, price, or time targets. To me, inspecting the proportionality and symmetry of a market's price structure is the key to mastering the principle; it is through this that low-risk, high-reward trading opportunities are found.

Because they are the only things I look at when trading, the quality of the charts I post on this blog are very important to me. I think you will find my work to be the best Elliott Wave analysis of the S&P 500 on the internet.